Digital Business Transformation - Final Exam

What does innovation start with?

What does innovation start with?

Answering the problem

What is the problem to be solved approach

Understanding who your customers are and what problem you solve for them

What is outside-in thinking?

focuses on solving customer problems instead of focusing on external operations

What is service interface

All interface you have with that organization can define your business

Business Models

describes how an organization creates delivers and captures value

Innovators

Use things to gain an advantage

Early Adopters

willing to take risks in hopes of increased competitive value

Late Majority

Conservative/ wants mature products

laggers

have no choice/ sign in when they cant use things

How do you shrink the chasm

Target a niche

Combinatorial Innovation

Take existing things and make something else with it

Platformisation

Open architecture with a governance model designed to facilitate interactions

Globalization

Changing supply and demand so other companies can compete with you

Virtualization

Empowers firms to focus on their core strengths by partnering with other firms that can better execute business processes

Millenialisation

Change in how we get information

Prosumerisation

Inexpensive easy to use tools to provide professional-grade results,

Economies of Scale

The more you produce the cheaper it becomes

Piggybacking

Using existing networking to build your network

Seeding

Create content or materials to pulls others to the platform

Marquee

Convince Famous party or brand to join your platform

Subsidy

Reward or free access to one side of the market in hopes that they will attract the other side of the market

single side

focus on one side of the market

follow the rabbit

support early users and give them success stories to attract others users

producer evangelism

recruit/ reward producers for creating content/apps/etc that attract consumers to the platform

big bang adoption

large scale event to generate more users

Micromarket niche

focus on a smaller niche to give customers what they want

Transaction cut

A monetization strategy where you take a cut of the deal

Charge for access

A monetization strategy where you charge so users can interact with each other

Charge for tools

A monetization strategy where you charge for better performance or better content

charge for attention

advertising

Monetization Mistakes

Misunderstanding two-sideness, elasticity, value creation, marginal issues, sharing and conflicts, marquee partners

outside-in-design

make decisions based on customer PTBS. Figure out the best way to fi the problem

Digital Mastery 2 critical success factors

Digital Capabilities and Leadership

Leadership

Governance making decisions in a very wise way every investment must be well thought out

Transformation Must Haves

Business Capabilities, business processes,customer engagemenent, business model and strong leadership capabilities

5 archetypes

reinvent industries

substitute processes

create digital business

reconfigure value delivery

rethink value proposition

Waterfall Model

Plan everything then execute it

Manifesto for agile development

uncovering better ways of developing software by helping others do it

Agile

Change driven, focus on important things

Minimally Viable Product

Something that works and might be small in scop but transforms to an ideal product

Scrum Project roles

Scrum Master, Developers and Product Owners

User Stories

Provides context to developers

Title

As a “certain person”

I want to “take this role”

so that “Get this benefit

User story criteria

independent

negotiable

valuable

estimable

scalable

testable

Design thinking

occurs when analysis meets human intuition

Design thinking

empathize, define, ideate, prototyping and test

persona

profile representing a group of people based on similar needs

prototype

product you create

social desirability crises

people don’t want to admit to unethical socially unacceptable things

what percent of products succeed

27%

Technology business management

A way to manage It like a business support value conversations and maximize benefit

What does Technology business management do

give transparency about cost quality value and performance

Technology business management core needs

Position for value

continuously improve business and team

create transparency

shape business demand

Blockchain

a way of keeping track of transactions not stored on a single database but in many computers everyone has one copy

Blockchain benefits

every transaction is recorded and public, can track the entire flow, increase transparency, can stop problems from happening since it can be expected

chatbots and digital personal assistants

grow business to get new leads

DPA “post screen” era

make things more convient by limiting the information we obtain , order goes to whoever paid the most